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AMLI Residential Announces Sale of Three Million Common Shares
CHICAGO, March 16 /PRNewswire-FirstCall/ -- AMLI Residential Properties Trust
(NYSE: AML; "AMLI"; or "the Company") announces today that it has sold three
million of its common shares toLehman Brothers Inc., as sole book- running
manager, and Stifel, Nicolaus & Company, Incorporated, as co-manager, ("the
underwriters"). The sale is being made pursuant to the Company's existing shelf
registration statement previously filed with, and declared effective by, the
Securities and Exchange Commission.
Net proceeds from the sale, after deducting offering expenses, are expected to
be approximately $82 million and will be used to pay down the outstanding
balance under the Company's revolving line of credit and for general corporate
purposes. The pay down of the credit facility will create availability for
borrowings to acquire and develop additional properties.
AMLI has granted the underwriters an option to purchase an additional 450,000 of
its common shares; this option is exercisable within 30 days.
This press release shall not constitute an offer to buy nor shall there be any
sale of these securities in any state or other jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any such state or other jurisdiction. This offering
is being made only by means of a prospectus. A prospectus supplement related to
the public offering will be filed with theSecurities and Exchange Commission.
When available, copies of the prospectus supplement relating to the offering may
be obtained from the offices of Lehman Brothers Inc., c/o ADP Financial
Services, Integrated Distribution Services, 1155 Long Island Avenue, Edgewood,
NY 11717.
The AMLI(R) portfolio currently includes 71 apartment communities containing
27,292 apartment homes, with an additional 1,356 apartment homes under
development or in lease-up in five locations. AMLI is focused on the
development, acquisition and management of institutional quality multifamily
communities in the Southeast, Southwest, Midwest and Mountain regions of the
U.S. AMLI Residential also serves as institutional advisor and asset manager for
large pension funds, tax-exempt foundations and other financial institutions
through AMLI's co-investment business. AMLI employs approximately 850 people who
are dedicated to achieving AMLI's mission -- Provide An Outstanding Living
Environment For Our Residents. More information on AMLI is available at
http://www.amli.com/ .
DATASOURCE: AMLI Residential Properties Trust
CONTACT: Robert J. Chapman, Chief Financial Officer, +1-312-984-6845, or
Allan J. Sweet, President, +1-312-984-2602, both of AMLI Residential
Properties Trust
Web site: http://www.amli.com/